Studies of reference-dependent behavior typically examine single reference points. Using data from an online brokerage, we examine the role of multiple reference points in trading behavior. We show that, in addition to a traditional disposition effect for returns since purchase, there is also a...

In an effort to address persistent consumer privacy concerns, policy makers and the data industry seem to have found common grounds in proposals that aim at making online privacy more “transparent.” Such self-regulatory approaches rely on, among other things, providing more and better...